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Over 200 Workers from the Corvette Assembly Plant Take Early Retirement Package

May 31, 2008

A labor agreement reached last year with the UAW commits GM to hiring up to 16,000 non-assembly workers at half the old wage of $28 per hour. GM offered buyouts to all 74,000 of its U.S. hourly employees in February, and 19,000 reportedly accepted including 206 or the little over 1,000 workers from the Bowing Green Assembly Plant where the Chevrolet Corvette as well as the Cadillac XLR are produced.

Retirement-eligible employees were offered the chance to retire with full pension and benefits, while employees within four years of their 30th anniversary at GM were allowed to retire early and get reduced pay until they could receive their benefits, according to reports. The buyout also included offers of up to $140,000 to employees to leave the company without taking a pension or health benefits.

In a recent interview with the Bowling Green Daily News Eldon Renaud, president of United Auto Workers Local 2164 in Bowling Green commented on the new retirees.

“It’s understandable that the people with the time and the financial capacity could retire when they wanted to,” Renaud said. “We will continue to build great Corvettes and keep our economic level at a similar rate that it is now.”

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